FormFactor, Inc. Reports Third Quarter Results
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FORMFACTOR, INC. | |
RECONCILIATION OF NON-GAAP NET INCOME | |
(In thousands, except per share amounts) | |
(Unaudited) | | | | |
Three Months Ended | |
Nine Months Ended | | |
September 24, 2016 | |
September 26, 2015 | |
September 24, 2016 | |
September 26, 2015 | | GAAP net income (loss) | $ | (14,198 | ) | | $ | (2,525 | ) | | $ | 8,887 | | | $ | (904 | ) | | Adjustments to reconcile GAAP net income (loss) to Non-GAAP net income: | | | | | | | | | Deferred revenue | 263 | | | — | | | 263 | | | — | | | Stock-based compensation | 3,202 | | | 3,100 | | | 7,477 | | | 8,515 | | | Restructuring and impairment charges, net | 85 | | | 59 | | | 6,995 | | | 570 | | | Acquisition and integration related expenses | 964 | | | 285 | | | 6,760 | | | 196 | | | Amortization of intangibles, inventory and fixed assets fair value adjustment due to acquisition | 26,931 | | | 3,428 | | | 32,468 | | | 10,150 | | | Income tax valuation allowance release | 88 | | | — | | | (43,851 | ) | | — | | | Gain on sale of intellectual property | — | | | (1,040 | ) | | — | | | (1,040 | ) | | Proceeds from sale of intellectual property | (400 | ) | | — | | | (400 | ) | | — | | | Business interruption insurance claim recovery | — | | | — | | | — | | | (1,521 | ) | | Income tax effect of non-GAAP adjustments | (988 | ) | | — | | | (988 | ) | | — | | | Non-GAAP net income | $ | 15,947 | | | $ | 3,307 | | | $ | 17,611 | | | $ | 15,966 | | | | | | | | | | | | Non-GAAP net income per share: | | | | | | | | | Basic | $ | 0.23 | | | $ | 0.06 | | | $ | 0.28 | | | $ | 0.28 | | | Diluted | $ | 0.22 | | | $ | 0.06 | | | $ | 0.28 | | | $ | 0.27 | | | | | | | | | | | | Weighted-average number of shares used in per share calculations: | | | | | | | | | Basic | 70,502 | | | 58,209 | | | 62,835 | | | 57,757 | | | Diluted | 71,336 | | | 58,784 | | | 63,662 | | | 58,922 | |
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